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Luther Burbank Corporation (LBC) is a prominent FDIC insured, privately-owned thrift institution established in 1983 in Santa Rosa, California. Named in honor of the renowned horticulturist, Luther Burbank, who introduced over 800 plant varieties and beautified the world with hundreds of ornamental flowers, including the popular Shasta daisy, the company continues to embody his spirit of innovation and growth.
Luther Burbank Corporation operates Luther Burbank Savings, a bank dedicated to providing traditional savings and loan services. Specializing in real estate loans across all property types, Luther Burbank Savings has a straightforward and conservative business model designed to protect assets and benefit the community. With current assets totaling $3.6 billion and a strong track record of profitability spanning over 27 years, the bank underscores its commitment to financial stability and customer service.
The Shasta daisy, prominently featured in the company's logo, symbolizes growth and renewal, reflecting the bank’s mission to foster financial well-being among its customers. Luther Burbank Savings remains focused on serving the public and not public stockholders, ensuring that customer interests are always the top priority.
The bank's recent financial highlights include unaudited condensed consolidated income statements and non-GAAP reconciliations. For more detailed information, interested parties can contact Bradley Satenberg in Investor Relations at (844) 446-8201 or via email at investorrelations@lbsavings.com.
Stay informed with the latest updates and developments regarding Luther Burbank Corporation, an institution that not only honors its namesake's legacy but also continues to build on a foundation of trust, growth, and community service.
Luther Burbank Corporation (NASDAQ: LBC) reported a net income of $21.0 million, or $0.41 per diluted share, for Q3 2022. Despite challenges from rising interest rates, loan production reached $530.1 million with a 31% increase in the weighted average coupon on loans to 4.65%. The net interest margin decreased to 2.42% due to increased funding costs. However, nonperforming assets remained low at 0.05% and tangible book value per share increased by 3% to $13.18. A dividend of $0.12 per share was declared.
Luther Burbank Corporation (NASDAQ: LBC) announced it will release its financial results for the third quarter and nine months ending September 30, 2022, after market close on October 25, 2022. A conference call led by CEO Simone Lagomarsino and CFO Laura Tarantino is scheduled for October 26, 2022, at 8:00 AM PT to discuss these results. The company, headquartered in Santa Rosa, California, has total assets of $7.5 billion, total loans of $6.6 billion, and total deposits of $5.7 billion as of June 30, 2022.
Luther Burbank Corporation (NASDAQ: LBC) reported a net income of $22.6 million or $0.44 per diluted share for Q2 2022, reflecting a 29% increase in loan production to $733 million. The net interest margin improved to 2.62%, while the tangible book value per share grew to $13.09. The efficiency ratio stood at 27.9%, indicating strong operational efficiency. The company declared a quarterly cash dividend of $0.12 per share.
Despite these positives, nonperforming assets increased slightly to 0.07% of total assets, prompting a $2.5 million provision for loan losses.
Luther Burbank Corporation (NASDAQ: LBC) announced its upcoming financial results for the quarter and six months ended June 30, 2022, scheduled for release after market close on July 26, 2022. A conference call will follow on July 27, 2022, at 8:00 AM (PT), hosted by CEO Simone Lagomarsino and CFO Laura Tarantino. The call is open to analysts, investors, and the public via a registration link. As of March 31, 2022, the company reported total assets of $7.3 billion, total loans of $6.4 billion, and total deposits of $5.6 billion.
Luther Burbank Corporation (LBC) reported a net income of $22.9 million or $0.45 per diluted share for Q1 2022. Key metrics include a net interest margin of 2.54% and a return on average equity of 13.60%. Loan production surged to $568.9 million, with nonperforming assets remaining low at 0.03% of total assets. The company declared a $0.12 dividend per share and continued its stock repurchase program, acquiring shares at an average price of $13.25. Despite a slight decline in net interest income, robust loan origination and efficient operations were highlighted.
Luther Burbank Corporation (NASDAQ: LBC) will announce its financial results for Q1 2022 on April 26, 2022. The earnings call, led by CEO Simone Lagomarsino and CFO Laura Tarantino, will take place on April 27, 2022, at 8 AM PT. Participants can join via phone or a live webcast, which will include a slide presentation. As of December 31, 2021, the company reported total assets of $7.2 billion, loans of $6.3 billion, and deposits of $5.5 billion, operating through its wholly-owned subsidiary, Luther Burbank Savings, across the western U.S.
Luther Burbank Corporation (NASDAQ: LBC) announced that board member Anita Gentle Newcomb received the Auburn Alumni Association's highest honor at the 2022 Lifetime Achievement Awards on February 26. With over 30 years in financial services, she has expertise in corporate development and banking strategies. Ms. Newcomb's past roles include president of A.G. Newcomb & Co. and board member at the Federal Reserve Bank of Richmond. As of December 31, 2021, Luther Burbank reported total assets of $7.2 billion, loans of $6.3 billion, and deposits of $5.5 billion.
Luther Burbank Corporation (NASDAQ: LBC) reported a net income of $23.4 million or $0.45 per diluted share for Q4 2021, slightly down from $24.7 million in Q3 2021. The net interest margin increased to 2.57% from 2.47%, driven by low interest rates and a disciplined growth approach. The company saw a reduction in criticized assets by 21.4% to $16.7 million. Total loans rose to $6.3 billion, up 4.0% year-over-year. A quarterly dividend of $0.12 per share was declared, payable on February 14, 2022.
Luther Burbank Corporation (LBC) will release its financial results for Q4 and full year 2021 on January 25, 2022, post-market. The conference call to discuss these results is scheduled for January 26, 2022, at 8:00 AM PT. CEO Simone Lagomarsino and CFO Laura Tarantino will lead the discussion, open to analysts and the public via phone and webcast. As of September 30, 2021, LBC reported total assets of $7.2 billion, total loans of $6.3 billion, and total deposits of $5.6 billion.
Luther Burbank Corporation (NASDAQ: LBC) announced the appointment of M. Max Yzaguirre to its Board of Directors, effective January 2, 2022. Yzaguirre will also serve on the Audit and Risk Committee, and on the Compensation Committee. His extensive experience spans various sectors, including banking, real estate, and private equity, adding valuable expertise to the Board as the company seeks growth and strategic evolution. Luther Burbank Corporation reported total assets of $7.2 billion as of September 30, 2021, affirming its robust financial standing.
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